Blackfinch Property Provides £1.6 million Development Loan in Gloucestershire
The team is funding the development of five Cotswold-stone properties
Blackfinch Property has completed a £1.6 million loan to fund the development of a former stable, yard and field, which will become five luxury Cotswold-stone properties enjoying views over land owned by the Duchy of Cornwall.
The loan will be used to clear the existing site and construct the new properties. The Tetbury development will regenerate land previously used as a stable and outbuildings in an Area of Outstanding Natural Beauty, while the natural stone construction of the new properties will ensure they remain in tune with the local landscape.
Complications arose surrounding the rights of the new properties to existing utilities connections from adjacent sites. Blackfinch Property’s legal team was able to negotiate between the borrower’s solicitors to ensure the relevant rights were obtained, and that completion could take place before Christmas.
The facility was agreed at a 60% loan-to-value for an 18-month loan term.
Nicola Mayes, Investment Manager at Blackfinch Property said: “We’re pleased to be funding a development local to us in Gloucestershire, especially one which will benefit local suppliers and use natural resources such as stunning Cotswold stone. This development is situated on the outskirts of an historic Cotswold market town, and we’re looking forward to conducting local site visits and seeing the project progress.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions.